What is probate and how does it impact estate planning?

Probate is a legal process that takes place after a person dies. It involves the validation of the person's will, the identification and inventory of their assets, and the distribution of those assets to their beneficiaries or heirs. Probate can be a complex and timeconsuming process, and it can also be costly.

Estate planning can help minimize the impact of probate by using tools such as trusts and beneficiary designations that allow assets to pass directly to beneficiaries outside of probate. This can help save time and money and ensure that the person's wishes are carried out more efficiently. However, it's important to note that not all assets are subject to probate, so the need for probate can vary depending on the individual's situation.